Britain is about to embark on a bold experiment that will push up its minimum wage to one of the higher rates among developed economies.
At least 1.8m people will receive a pay rise on Friday thanks to the national living wage — a new minimum rate for workers aged 25 and over.
It will start at £7.20 an hour and increase to 60 per cent of median earnings, or about £9 an hour by 2020. That is similar to levels in Australia and France, countries with relatively high minimum wages. It means the value of the minimum wage for the over-25s, relative to median pay, is set to rise by as much in the five years to 2020 as it did in the previous 16.
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